The Neal Estate Team's Real Estate Market Update for Vancouver Island for April 2021

Inventory in the Vancouver Island Real Estate Board area actually increased and increased significantly (29% up from February for both single-family homes and townhomes), but still sat at record lows overall. Condos did not increase much, with only 2 more listings active at the end of March compared to the end of February in that segment. The breakdown of property type and listings available at the end of March was: Single-family homes had 508 listings, condos had 171 units available, and townhomes came in at 117. While the increases in inventory is a really good sign, we are still deep into a seller’s market and still in the midst of a deeply depressed inventory.

Part of the reason that the seller’s market isn’t going to change quickly is because of the sustained demand and flurry of sales that are eating up all the new listings. Sales of single-family homes were up 67% year over year with 567 units of this property type selling. That is a sales volume in one month surpassing the current inventory in that segment (5-8 months worth of inventory currently available being a “balanced market”). Condos had 136 unit sales compared to only 47 in the same month in 2020, meaning there was a 189% increase in year-over-year sales. Last but not least, the sales volume of townhomes remained the closest to last year with only a 53% year over year increase and 124 sales.

While increases like 189% year over year are shocking, it is important to note that we are coming up to 1 year since the beginning of COVID. While we certainly are in a red hot market, this time last year we were heading into lockdowns and record lows, so our year-over-year stats are going to inevitably start to look a little wonky.

Benchmark Prices across the board area certainly saw the effects of the low inventory and heavy demand. The Benchmark Price for a single-family home was up 18% year over year hitting $631,500. Condos hit $332,400, 9% up, and townhomes were up 19% to hit $489,100.

March was a good month for The Neal Estate Team. As everything continues changing and changing quickly, we have once again proven we are able to adapt and provide the highest level of services for our clients and give back to our community while doing it. Some of our highlights for the month include breaking our previous record for March by selling 27 million dollars of Real Estate, and by receiving two recognitions at the RE/MAX international Virtual Conference which took place in March. First, we were recognized as the #1 RE/MAX Team for Victoria and Vancouver Island and second, our team leader and founder, Ron Neal, was recognized as the top contributor to BC Children’s Hospital.

Our team is still consistently beating the market and leading the industry in marketing innovation. In March our pre-marketing program generated 20,000 views on a single coming soon listing post, and we proceeded to sell that property $50,000 over listing price and $25,000 over the price the property had recently been listed on the market (for 165 days) with another Realtor. Our proven systems aren’t just for sellers. With our extensive network, we have access to many listings before they appear on MLS. That combined with years of experience and robust systems that we have developed proven options and strategies for when you're afraid of becoming homeless. You want to make a move but are afraid to sell not knowing where you're going to go and are unable to competitively purchase without having sold. We have options and solutions that eliminate the risk and the fear.

If you would like to know how we are beating the market, helping our clients win, and keeping people moving safely, please click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.  

Stay safe,

The Neal Estate Team
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca